Finn Industrial Supplies distributes industrial equipment. The company's fiscal year ends on March 31, 2017. One department in the company had in inventory 80 items that cost $575 each on hand at January 1, 2017 (Click the icon to view the purchase and sale information.) Assume the company uses a periodic inventory system. Also assume that monthly purchases of inventory occur on the first day of each month. Required 1. Determine the cost of the department's ending inventory at March 31, 2017 under (a) the weighted average-cost method and (b) the FIFO method. Assume the company determines cost of goods sold at the end of each quarter. 2. Prepare the department's income statement for the quarter ended March 31, 2017 under each method described in Requirement 1. Show totals for gross margin and operating income Requirement 1. Determine the cost of the department's ending inventory at March 31, 2017 under (a) the weighted-average-cost method and (b) the FIFO method. Assume the company determines cost of goods sold at the end of each quarter (Use the cost per unit method when calculating your answer. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) (a) The cost of the department's ending inventory at March 31, 2017, under weighted average is 5 (b) The cost of the department's ending inventory at March 31, 2017. under FIFO is Requirement 2. Prepare the department's income statement for the quarter ended March 31, 2017 under each method described in Requirement 1. Show gross margin and operating income. Begin with weighted average, then FIFO. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus More Info Weighted Average FIFO During the quarter the department purchased merchandise on account as follows: Units Unit cost Total January 155 $ 620 $ 96,100 February 55 395 21.725 March 80 485 38.800 Sales for each month in the quarter were as follows Units Selling price Total 70 $ 1 380 $ 96,600 February 140 1160 162.400 Choose from any list or enter any number in the input fields and then continue to the next question March 95 1,080 102.600 Operating expenses in the quarter were $110,000 January Finn Industrial Supplies distributes industrial equipment. The company's fiscal year ends on March 31, 2017. One department in the company had in inventory 80 items that cost $575 each on hand at January 1, 2017 (Click the icon to view the purchase and sale information.) Assume the company uses a periodic inventory system. Also assume that monthly purchases of inventory occur on the first day of each month Required 1. Determine the cost of the department's ending inventory at March 31, 2017 under (a) the weighted average-cost method and (b) the FIFO method. Assume the company determines cost of goods sold at the end of each quarter. 2. Prepare the department's income statement for the quarter ended March 31, 2017 under each method described in Requirement 1. Show totals for gross margin and operating income Requirement 1. Determine the cost of the department's ending inventory at March 31, 2017, under (a) the weighted average-cost method and (b) the FIFO method. Assume the company determines cost of goods sold at the end of each quarter (Use the cost per unit method when calculating your answer. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) (a) The cost of the department's ending inventory at March 31, 2017. under weighted average is 5 (b) The cost of the department's ending inventory at March 31, 2017. under FIFO is $17 Requirement 2. Prepare the department's income statement for the quarter ended March 31, 2017 under each method described in Requirement 1. Show gross margin and operating income. Begin with weighted average, then FIFO. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses for any operating losses.) Weighted Average FIFO